The collapse of Green Street is quite spectacular. It all came to an abrupt end. Harsh.
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Are they primarily a victim of rising interest rates? Regarding the armory i respect their courage to try something with the building. It only works if you can expand and connect to the surrounding areas. So much potential for infill immediately adjacent if you have access to the capital to pull it off.
I would enjoy watching PPG scoop this up and give it the Steelcoate treatment it deserves.STLEnginerd wrote: ↑Aug 26, 2024Are they primarily a victim of rising interest rates? Regarding the armory i respect their courage to try something with the building. It only works if you can expand and connect to the surrounding areas. So much potential for infill immediately adjacent if you have access to the capital to pull it off.
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Is the Armory closing down?
https://np.reddit.com/r/StLouis/comments/1f2367y/is_the_armory_closing_down/
https://np.reddit.com/r/StLouis/comments/1f2367y/is_the_armory_closing_down/
I wouldn’t be surprised. It would be better for everyone if it and the surrounding property were sold off to a new owner that isn’t wrapped up in endless litigation for not paying bills.
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The “it’s closing” rumors aren’t real. Whether it sells or not, probably isn’t real yet but could be in the year ahead
Happened to drive by the Vandeventer and Market St. intersection at 9pm last Friday and there was a ton of traffic, which surprised me giving the rumors going around.
There are a lot of entertainment REITs out there that could be possibilities. In addition, the property is only half built out with the basement and roof still to be finished. Green Street's bust stopped that progress. Someone with deeper pockets could come in and finish it out and double the revenue, plus have some really valuable real estate with the parking lot.
There are a lot of entertainment REITs out there that could be possibilities. In addition, the property is only half built out with the basement and roof still to be finished. Green Street's bust stopped that progress. Someone with deeper pockets could come in and finish it out and double the revenue, plus have some really valuable real estate with the parking lot.
The Armory is typically very busy Fridays and Saturdays and borderline deserted outside of those days. You also have to remember that the Goodwill Outlet is on Market which generates a lot of traffic.
Good points especially on connections, I think the reality is also the fact that Foundry and PPG/Steelcoate still have more development & infill themselves which puts Armory on a longer trajectory to develop. However, Armory is in a pretty good spot once Foundry and Steelcoate fill out some projects & connections to surrounding areas mature.STLEnginerd wrote: ↑Aug 26, 2024Are they primarily a victim of rising interest rates? Regarding the armory i respect their courage to try something with the building. It only works if you can expand and connect to the surrounding areas. So much potential for infill immediately adjacent if you have access to the capital to pull it off.
For being 3 of the larger recent developments in the city and being very complimentary in use to each other (4 if you count Top Golf), the connections are abysmal. It would be nice if they could at least make the walk up Market and under the highway between the Armory and Foundry more pleasant at least as a short-term solution until the Spring Street bridge is installed. Similarily I think they could make Grand less hostile to pedestrians crossing over the tracks.dredger wrote: ↑Aug 27, 2024Good points especially on connections, I think the reality is also the fact that Foundry and PPG/Steelcoate still have more development & infill themselves which puts Armory on a longer trajectory to develop. However, Armory is in a pretty good spot once Foundry and Steelcoate fill out some projects & connections to surrounding areas mature.STLEnginerd wrote: ↑Aug 26, 2024Are they primarily a victim of rising interest rates? Regarding the armory i respect their courage to try something with the building. It only works if you can expand and connect to the surrounding areas. So much potential for infill immediately adjacent if you have access to the capital to pull it off.
Seems like Green Street has always flown a bit close to the sun in regard to financing projects/funding reserves to cover shortfalls. If I remember correctly, Chroma phase I had multiple delays, and eventually they had to bring Koman in as a partner in order to get it off the ground. You can only live on the financial edge for so long.dredger wrote: ↑Aug 27, 2024Good points especially on connections, I think the reality is also the fact that Foundry and PPG/Steelcoate still have more development & infill themselves which puts Armory on a longer trajectory to develop. However, Armory is in a pretty good spot once Foundry and Steelcoate fill out some projects & connections to surrounding areas mature.STLEnginerd wrote: ↑Aug 26, 2024Are they primarily a victim of rising interest rates? Regarding the armory i respect their courage to try something with the building. It only works if you can expand and connect to the surrounding areas. So much potential for infill immediately adjacent if you have access to the capital to pull it off.
Not a chance. The properties are competitive.GoHarvOrGoHome wrote: ↑Aug 27, 2024It could make sense for Cordish to take it over
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Not a judgement, but from an objective market analysis perspective i would doubt the traffic is mutually complimentary. a typical Goodwill is one thing and it can have relatively broad appeal, but diving the bins at the goodwill outlet is a very unique attraction for a fairly narrow audience and one that i suspect doesn't have much overlap with the Armory's target market.Auggie wrote: ↑Aug 27, 2024The Armory is typically very busy Fridays and Saturdays and borderline deserted outside of those days. You also have to remember that the Goodwill Outlet is on Market which generates a lot of traffic.
Keep in mind most of the students have been away all Summer. Now that they're back, things should pick up.
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Building an actual sidewalk from the metro platform to the entrance would also be helpful
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Yes, the pedestrian connection between SLU-Foundry-Armory-Steelcote-Grand Station needs lots of help. Would increase foot traffic for all of them as they could feed off each other.GoHarvOrGoHome wrote: ↑Aug 28, 2024Building an actual sidewalk from the metro platform to the entrance would also be helpful
The railroads and highways rear their ugly head in this area of town.
The entire Forest Park/40/Market interchange from Vandeventer to Jefferson needs a complete redo. It’s an atrocious hindrance on walkability in the urban core.
The pedestrian bridge will be one big piece but going to need a Grand redo with protected bike lanes and sidewalks and a solution to the interchanges.
I have heard that all the employees got a group text that the Armory was closed; has anybody heard this rumor as well?
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It's on Reddit that the Armory has been closed effective immediately, and that all employees were laid off last night.
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That's crazy, my friend was there for an event last night
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Seemed there had been some murmurs about this for a while. Probably has more to do with Green Street than that it wasn’t making money. Lot of overhead but also a lot of margins. I thought it was a decent entertainment repurpose of the building since they did big events and pop ups. And every city seems to have a “bar playground for adults” nowadays so it had a place. I did have some qualms with it sitting on that sprawling parking lot and not building sidewalks to Grand.
This becoming an abandoned building again is worrisome because of its mass.
This becoming an abandoned building again is worrisome because of its mass.
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A developer with deep pockets will need to come in and develop the neighboring properties to bring this back. Need a built in customer base.
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and better accessChris Stritzel wrote: ↑Sep 25, 2024A developer with deep pockets will need to come in and develop the neighboring properties to bring this back. Need a built in customer base.
Given the prices they charged and the amount of liquor they moved through there I don't see how they weren't holding their own. even with the big building and overhead.
I know someone in the beverage industry and he said the place was a monster with huge orders and deliveries that weren't far off the big sport venues: but the difference was it was consistently every week. And he said they paid those bills on time.
I know someone in the beverage industry and he said the place was a monster with huge orders and deliveries that weren't far off the big sport venues: but the difference was it was consistently every week. And he said they paid those bills on time.
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I would assume the build out leveraged them to the tits, hence charging $8 for a regular macro beer. Interest rates went up which probably put more pressure on the concept. The AC has also apparently been out (and unlikely to be repaired due to Green Street *****) which likely makes people leave earlier than they would have decreasing average ticket size while discouraging them from returning. More assuming, but I would bet that to remain profitable the Armory needs to be basically full every day
The best thing that could happen would be that another operator buys the space for pennies on the dollar, fixes the AC, and charges a reasonable rate for alcohol and food while continuing the same basic concept
Hopefully whatever future has in store for the Armory fleshes out before the pedestrian bridge to the Foundry opens
The best thing that could happen would be that another operator buys the space for pennies on the dollar, fixes the AC, and charges a reasonable rate for alcohol and food while continuing the same basic concept
Hopefully whatever future has in store for the Armory fleshes out before the pedestrian bridge to the Foundry opens